FATF Meet in Paris

Published on February 16, 2020
Current context: The meeting of the Financial Action Task Force (FATF) has begun in Paris on 16th Feb 2020.
FATF Meet in Paris
  • The plenary session of the FATF will review progress made by Pakistan towards terror financing and some other countries that present a risk to the financial system.
  • Six days of meetings will focus on global action to curb terror financing and reduce the harm caused to people and society.
  • India will stand on its demand to cut finances to terrorist groups, seeking action against Jaish-e-Mohammed chief Maulana Masood Azhar and Lashkar-e-Taiba leader Zaki-ur-Rehman Lakhvi.
  • Pakistan was placed on the 'grey list' by FATF in June 2018.
  • It was given a plan of action to complete by October 2019 or face the risk of being placed on the blacklist.
  • By October 2019, the FATF had noted that Pakistan had addressed only five out of the 27 tasks given to it in controlling funding to terror groups.
  • The intergovernmental organisation had asked Pakistan to complete its full action plan by February 2020.
  • The Financial Action Task Force (FATF) was established in July 1989 by a Group of Seven (G-7) Summit in Paris.
  • Initially, its focus was to examine and develop measures to combat money laundering.
  • In October 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing.
  • In April 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.
  • FATF Headquarter‎: ‎Paris, France
  • Membership‎: ‎39
  • President‎: ‎Xiangmin Liu

Question: 

Q.1 The headquarter of the Financial Action Task Force (FATF) is in ___________? 
a. Geneva
b. Paris
c. Washington D.C.
d. Cologny

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